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the tough rhetoric when we come back. >>> and yet another big story brewing for tomorrow. john boehner, he could be facing a real challenge for his job speaker of the house. ace acosta is all over this story. "the kudlow report" begins right now. >>> back to the rally on the streets today. that is the total sizzle story. check out these numbers. in case you missed it, dow added 308 points. nasdaq up 93. s&p 500 surging 36. cnbc's kelly evans joins us with all the details. good evening, kelly. >> larry, good evening, from down here at the stock exchange where you practically would expect streamers and champagne. the kind of day we had to put in in context, the likes of bill gross saying he sees stocks up 5% for the year, we did 60% of that in the first trading day. a lot of people are pointing to this that there could be many better things to come than just 5% in stocks. we saw the best start to the year, at least in percentage terms for the major indexes since 2009. the russell 2,000, by the way, doesn't usually get the headlines but it hit a record high. the global dow is at a 52-week hig
. >> also infure rated is new jersey governor chris christie who says boehner refused to take his repeated phone calls last night as it was becoming apparent the sandy aid packal wouldn't go to a vote in the house. >> you sit around and delay and you give assurances to people things will be done and they're not, that is not doing your job. have some guts. put it up. vote yes or no and move on. >> this afternoon, boehner spoke with christie and he and cantor met with the congressional delegation from new york and new jersey and assured them sandy pack knowledge new form is the top priority. a package that peter king says will be pork free. this friday they will vote to get immediate resources to the national flood insurance program. there will be votes on the rest of the sandy aid package. then it has to go to the senate. >> start all over. thank you. >> bret: you heard the phrase "fiscal cliff." then bill and law accompany the overused phrase fiscal cliff. some out the it as win, politically for taxpayers. the reality, according to both sides is really more of a mixed bag. president obama
sense. so the bill passed, 257 for, 85 republicans, 172 democrats. speaker john boehner was one of those yes votes and he released this statement: now the focus turns to spending. the american people reelected a republican majority in the house and we will use it in 2013 to hold the president accountable for the balanced approach he promised, meaning significant spend being cut and reforms to the entitlement programs that are driving our country deeper and deeper into debt. on wall street, the dow up well over 200 points. could be a record rally for the first day of the year. let me bring in our guests. good morning and happy new year. >> happy new year, chris. >> let's take a look at what they actually agreed to. taxes are going to go up on households over $450,000. they delay the sequester. of course those are the harsh cuts for a couple of months. it extends unemployment benefits, it includes the medicare doc fix. any winners, though, really do you think, lynn? >> i think winner is all of us who live with a paycheck because we -- most people who don't make $400,000 will not have thei
cuts and spending cuts kicked in. speaker john boehner has been trying to overcome some seriously stiff republican opposition. our senior congressional correspondent dana bash is beginninging our coverage this hour. dana, what's the very latest as far as republicans in the house, the majority are concerned? >> reporter: the very latest, wolf, is that down this hallway is the house speaker's office. in that house right now are minutes of the house republican leadership having a discussion, what are they going to do? are they going to have a vote tonight and more importantly, are they going to try to put this senate-passed bill on the house floor with an amendment. it was very clear in talking to many, many house republicans coming out of a meeting they had earlier this afternoon that there was a big desire to have an amendment with some spending cuts. in fact, i spoke with one of those republicans, steve la tour receipt. >> the speaker, to his credit, says we are famous for putting poison pills in pieces of legislation and they can say, that's a poison pill. he's asked that we be respons
-cabrera in for larry kudlow. this is "the kudlow report." speaker john boehner calls the house back into session for sunday night. that stokes investor hopes for a fiscal cliff deal and this coming just a few hours after harry reid's comments sent the dow into a tailspin. we have complete coverage in this developing story which is happening tonight as we speak. also, as supplies from the obama team, ep achieve lisa jackson stepping down. can the coal companies finally breathe a sigh of relief? guess what happened in britain when the uk banned handguns. the surprising result that could change the gun control debate. "the kudlow report" start ises right now. >>> the big news tonight, still the developments in washington on the fiscal cliff, eamon javers joins us with the details. >> good evening, meshel. capitol hill sources tell cnbc that congressional leaders are planning to go to the white house tomorrow to meet with president barack obama and it is not entirely clear at this point when that meeting will take place and details are still being hammered out and we saw today a blistering series of
%. house speaker john boehner reportedly cursing out senate majority leader harry reid right outside the oval office. representatives from both sides of the aisle will join us next to explain how lawmakers can possibly reach a deal on the debt ceiling in this kind of poisonous environment. plus, new jersey governor chris christie is furious. >> there's only one group to blame for the continued suffering of these innocent victims, the howth house majority and their speaker, john boehner. >> we'll get into the politics behind that bill when we get back. >> we'll get into the poli behind that bill when we get back. g kong. tdd#: 1-800-345-2550 after that, it's on to germany. tdd#: 1-800-345-2550 then tonight, i'm trading 9500 miles away in japan. tdd#: 1-800-345-2550 with the new global account from schwab, tdd#: 1-800-345-2550 i hunt down opportunities around the world tdd#: 1-800-345-2550 as if i'm right there. tdd#: 1-800-345-2550 and i'm in total control because i can trade tdd#: 1-800-345-2550 directly online in 12 markets in their local currencies. tdd#: 1-800-345-2550 i use their
. so any vote in the house will be a vote for tax cuts, not for tax hikes. that helps. john boehner needs to take this deal struck in the senate that presumably has some buy in from him if not from his rank and file, because mitch mcconnell did not negotiate this is a vacuum and this is a pretty overwe will being vote. he will take this to his conference today and see where they are at. the expectation is there are two directions this could go. either a vote on the bill or house republicans propose changes so they can amend the bill more to their liking and send it back to the senate. but i think this is expected to move along here. >> there could be amendments, one past, they could vote on amendments, could fail, and then vote on the full measure. isn't that true also? >> yeah, that is true, and the other thing is once anything goes to the floor, it's not just up to republicans, it will -- and the think the expectation all along, whatever ultimately passes the house as we saw in the senate will require democrats and republicans. >> talking to phil gingery, seemed to be leaning no o
of representatives, john boehner has basically given his republican membership to choices, either to go ahead and vote on an amendment to the senate bill passed in those early hours, or to go for a straight what they call up and down vote which means members vote as they see fit. the feeling among democrats is that there are enough republicans and house to join with them to make sure it passes so that president obama can sign it into law. we are waiting to hear what kind of vote and if there will be a vote. they convened here this morning at about midday. that is now seven hours ago. i think what we are seeing as about seven hours of printing from republicans in the house. i am hearing that people are softening their stance again, giving up on the idea of amending the senate bill and going for a straight up or down vote. it remains to be seen whether it actually advances. >> the amount of political bickering is extraordinary. >> it is political bickering. we have had seven hours of that and the feeling is that it is dying down zero little bit. eric cantor is the majority leader in the house.
on new year's eve, still addicted to spending money. >> last friday, speaker boehner told the senate colleagues to find bipartisan deal and the house would consider, accept or amend their plan. with time running out, house lawmakers were left working on unrelated issues and feeling like the process is broken. >> the american people are looking at congress with disdain and rightfully so. with the deadline on the tis call cliff hours away we failed to reach a reasonable compromise to move the economy forward and ward off painful tax hikes on the middle class. >> february the deal gets done, there are no -- even if the deal gets done no guarantees that republicans in the house will like it. but strong bipartisan support in the senate may help. >> bret: we'll head back for breaking details. mike emanuel on the hill. thanks. ed henry at the white house with the latest there. sned >> going. the president has been mostly watching and waiting but the republicans charge excesstive celebration from the commander-in-chief may spike the deal. >> if we are going to be serious about the deficit an
. the final tally, 257-167, and while 151 republicans voted no, it is worth noting its speaker, john boehner, voted yes, so did paul ryan, by the way. here is the deal that took over 500 days to seal. no tax hikes for couples earning less than $ 450,000 a year. itemized deductions, and unemployment benefits extended and alternative minimum tax adjusted for inflation. >> here is the deal. what the deal doesn't address is federal spending. drastic domestic and defense cuts have been put off for more than two months. looking ahead that could get messy if this is an indication, think about that. and also the debt ceiling this is the end of february this is now at 16$16.4 trillion and by e way, we just blew past that this week. the president drawing a line in the sand for that upcoming battle. >> i will not have another debate with this congress over whether or not they should pay the bills that they have already wracked up. the congress refuses to give the united states government the ability to pay these bills on time. and the consequences for the entire global economy would be catastrophic. fa
-called plan b failed in the house, john boehner, speaker of the house said, look, it's up to the senate. we'll not do anything more. we already passed a bill a while back that would extend bush tax cuts for everybody. it is up to the senate to do something. you have senate minority leader mitch mcconnell, the republican saying it is up to the democrats to do something. we'll not do anything until president obama and the democrats come up with a plan and president obama actually late yesterday did call all four leaders, majority, minority leaders in the house and senate that includes mitch mcconnell and said the first time a democrat called him since thanksgiving to talk about this. so they're talking but there is no indication anybody is actually doing anything right now. gregg: what about harry reid? what's his, does he have anything at all maybe towards the end of the week he will put on the table? i've been hearing he will put to a vote an extension of the bush tax cuts for anybody making under $250,000 a year, extend unemployment benefits for some 2 million people that are about to lose
. that was in the context of a big deal with speaker boehner. now we're talking about the mini deal. the patch to get us through the new year. so democrats argue that this doesn't even have the votes to pass the house and the senate as dana says, it's a quote poison pill in the eyes of the democrats. we can continue to discuss that. i just want to bring awe little bit of news, if i may. while this all is as you put it, i think in very clearly, quote, disgusting and everything is moving very slowly. there is one potential glimmer of light. and that is, that senate minority leader, of the republican, mitch mcconnell and vice president biden have spoken. they've spoken twice. and the two of them have a history of cutting deals together. they were able to cobble together the debt deal that got us through the debt negotiations and kept the country from defaulting back in the summer of 2011. does this mean it will happen again? no. but it at least means there is a line of communication open between democrats and senior democrat and republican and the possibility that who knows, maybe there could be a path for
party? didn't boehner try to go around them basically? >> i think the tea party has been weakened significantly in the last presidential election. only 21% of americans said they identified as supporters of the tea party. their kind of control over the republican party is substantially weaker. i do think you have hit tonight head, margaret. there's a centralized feel being among democrats that they can make compromises and they will not pay the ultimate price for that compromise. that is no longer something that is in the kind of dna of the republican party. we don't need to make any kind of false equivalencies here, this is a republican problem. they are no longer able to govern as a kind of full fledged party. >> charles, there's one economic argument that has come apart here and that is the tea party conservative republican argument that we want a government that spends money responsibly, doesn't overtax people. that got divorced from the idea that we ended up with people defend being the rights of people who earn more than $500,000 a year not to pay 4.6 percentage points highe
deal has to pass the house. we are not into the senate yet and the republican speaker john boehner plablamed the crisis one president saying he the one who has never found a way to say yes. >> so you are in new york and i'm in atlanta, and we get to washington now, because the senior congressional correspondent dana bash is closely following the negotiations from capitol hill, and dana, you have been there and talking to people, and where are we on this? >> well, the senate majority leader harry reid was on the floor moments ago saying that the senate will reconvene at 11:00 a.m. tomorrow. the senate will reconvene tomorrow at 11:00 tomorrow, and that means no senate votes tonight which is not good news for everybody looking at the calendar and looking at the watch at this point and not the calendar to see that it is midnight tomorrow night that everybody's taxes in this country will go up. simply put, both sides are not at a place where they believe that they can come up with anything to put on the senate floor for a vote tonight. they will give it until the actual deadline, decem
leader harry reid called speaker boehner, that speaker boehner was running dictate toreship in the house. speaker boehner to his face to harry reid, go f yourself and used three other letters. harry reid said back to boehner. what are you talking about. boehner repeated verbatim, go f yourself. this is indication of the poison atmosphere up here. when the sequestration runs out next few months and congress must vote to increase the debt ceiling. it appears speaker boehner is fwirding for a fight on both fronts in a statement that he issued last night. he said in part, quote, now the focus turns to spending. the american people reelected a republican majority in the house and we will use it in 2013 to hold the president accountable for the quote, balanced approach he promised. meaning significant spending cuts and reforms to entitlement programs that are driving our country deeper and deeper into debt. the president last night indicate he is open to come promy to spending cuts but drew a line when it comes to the debt ceiling. here's the president. >> now, one last point i want to make. w
to have the day off today. our guest host today is bob broska. house speaker john boehner urging the senate to come up with a passable fiscal cliff solution. he's promising to at least consider any bill that the upper chamber produces. senate majority leader harry reid now expected to base any legislation on a bill passed earlier this year to continue tax breaks for households will incomes below $250,000. a senate bill would likely contain an extension of expiring unemployment benefits. and the other big news of the morning, treasury secretary tim geithner unveiling a plan to buy time under the debt ceiling. in a letter to congress, geithner saying that treasury is going to begin taking steps this week to delay hitting the government's 16$16.4 trillion borrowing limit. treasury will take several measures to save that next year to keep the government from reaching the limit for about two months. but geithner warns it is harder to predict how long the delay will last because of all of this ongoing fiscal cliff negotiations making it harder to forecast what revenue and tax spending
, signed john amplete boehner. speaker of the house of representatives. the speaker pro tempore: the prayer will be offered by our chaplain, father conroy. chaplain conroy: god of all creation we give you thanks for giving us another day as this chair lies silent still we pray for hope as americans experience anxiety about their future. send a spirit of wisdom and good judgment upon the leaders of congress that they experience peace on earth among all good men and women. this is for your greater honor and glory, amen. the speaker pro tempore: the chair has examined the journal of the last day's proceedings and announces its approval thereof. pursuant to clause 1 rule 1, the journal is approved. mr. kucinich: join us as we pledge aliegesance to the flag. i pledge allegiance to the flag of the united states of america and to the republic for which it stands, one nation under god, indivisible with liberty and justice for all.. the speaker pro tempore: for what purpose does distinguished majority whip, the gentleman from maryland rise. mr. hoyer: ask to address the house. the speaker pro tempor
. but the president has made clear in discussions with speaker boehner, these entitlement programs will be on the table but only if it's a broader debt deal. republicans have different ideas. they want to see more cuts in spending right now. >> arthel: thank you very much. >> gregg: congress is not only facing a fiscal cliff, it's up a dairy clarify, if you will. the current farm bill is set to expire on new year's day. if an extension of that is not passed, the farm policies would revert to laws back to 1949 and cost of milk, that could skyrocket. back then the government used a formula to calculate dairy prices that is much more expensive than it is today. one option said to be on the table is short term extension that would prevent milk prices from rising. >> arthel: to other stories. a judge ordering a psychiatric evaluation for a woman suspected of shoving a man off a new york public is way platform. he was arraigned last night on murder and hate crime. she confessed to pushing a man in front of a moving train telling them, i hindus and muslims. co-worker was was behind due. >
. the market doesn't seem to care. >> all the big deal, boehner and obama tried to do last year, still have to do that, simpson boles-type thing. >> by what the secretary of the treasury said yesterday. >> right. >> thank you for being here. >> bromance. a lot of fun. make sure you join us tomorrow. "squawk on the street" begins right now. >>> good thursday morning, welcome to "squawk on the street" live from the new york stock exchange, i'm carl kin ten nia with melissa lee, cramer and neighborer are off today but we are joined by dennis. good morning to you dennis, thanks for coming in. futures today, a lot to deal with as you probably know. the fiscal cliff headline watch continues. you just heard john kanas say the market not too concerned. futures up 21 points. decent data out of europe, we will talk about in a minute what a day for the asian markets again. also coming up. our road map begins at andrews air force base where the president arrives in a couple of hours, cutting his hawaiian vacation short to address the fiscal cliff s there really any hope in the last attempt? does the ma
boehner on the last day to keep that off the house floor. john boehner has followed what denny hastert used to impose as the majority of the majority rule. you don't bring something to the floor unless most of your members are for it. i think john boehner in this case would be willing to set that aside. he would have something else for his members to vote for, which would be more favorable to those die hard conservatives who oppose the deal, but i think he would put it on the floor and i think eld pass. >> joining us now on the set is republican congresswoman shelly moore-capito and democratic congressman greg meeks from new york. congresswoman, i think he could do that and bring it and still be fine on january 3rd. is that your view? he would be re-elected speaker. >> i think he's going to be re-elected speaker, regardless. but i think there is a will in our conference, in the republican conference, to act, to have something on the floor to react to. i would say that it could be that it comes back from the senate and we act on it, but we amend it and change it. i wouldn't say it would
that the bill was being pulled. i don't enjoy saying this. i consider myself a personal friend of john boehner, and john boehner personally has been very helpful to me over the years. so it pains me to say this. the fact is dismissive attitude that was shown last night toward new york, new jersey, connecticut typifies i believe a strain in the republican party. i know this is not the place to discuss politics, but that politics seeps over into a governmental decision that was made. i can't imagine that type of indifference, that type of disregard, that cavalier attitude being shown to any other part of the country when people we are talking about real life and death situations here, just have the speaker walk off and not tell us. tell an aide to the majority leader who tells us that we tell the majority leader that the item that means life and death was taken off the calendar and is gone for this session? they say it's going to be brought back up in january. the fact is let's be real. we are not in session next week. the following week we are in session for two days. the following week is the
to go ahead and cooperate, but because i think it's been very hard for speaker boehner and republican leader mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit as part of an overall deficit reduction package. >> you talk about a dysfunction in washington. you sign this legislation setting up a fiscal cliff 17 months ago. how accountable are you for the fact that washington can't get anything done and that we are at this deadline again? >> well, i have to tell you, david, if you look at my track record over the last two years, i cut spending by over $1 trillion in 2011. i campaigned on the promise of being willing to reduce the deficit in a serious way, in a balanced approach of spending cuts and tax increases on the wealthy while keeping middle class taxes low. i put forward a very specific proposal to do that. i negotiated with speaker boehner in good faith and moved more than halfway in order to achieve a grand bargain. i offered over $1 trillion in additional spending cuts so that we would have $2 of spending cuts for every $1 increased re
no plans to reconvene. last week, house speaker john boehner said it was up to the house to act on extending unemployment benefits. as we work through all of this, we are happy to be joined by allen capper, head of credit strategy at lloyd's for the hour. welcome back. i guess we're still shaking off the christmas turkey tryptophan, i guess they call it, and yet it feels as though it's groundhog's day. >> yes. you say shaking off the christmas blues and we're shaking still waiting to hear what happened with this fiscal cliff. we knew they would take it to the wire. there's no surprises. what concerns me, this may stretch on until january. now, this is not the first time we've been in a situation like this in my career in the markets. the opportunity is clearly markets may sell off and then an accord has to be reached. i guess a lot of people will be seeing that. >> what are you seeing in credit markets right now? is there a sense they're looking at the strong off move? >> i think in the credit market, liquidity started to disappear last week and now there's no real positioning w
days before the u.s. goes over the fiscal cliff. speaker john boehner has called the house back into session sunday evening. house majority leader eric cantor is telling his members to be prepared to work through january 2nd. both sides are still far apart on taxes and spending cuts. harry reid says prospect deals by monday are unlikely. minority leader mitch mcconnell says there's still time for an agreement. >> republicans aren't likely to sign a blank check just because we find ourselves at the edge of the cliff. that wouldn't be fair to the american people. >> now, a new reuters poll shows americans blame republicans more than democrats or president obama for the fiscal crisis. and when asked who they held more response, 27% said the gop, 6% pointed to the dems and 30% said all of the above. for more on this, we're joined by christian schultz from barronberg bank. welcome. so we're going over the fiscal cliff. >> well, the consumer confidenc already be over the cliff in terms of confidence already. that might already be the first impact of the crisis of -- not of the crisis,
't is because speaker boehner, who i like and you and i have talked about, cannot get -- listen, if he can't get a million bucks threshold on a tax cut through his chamber, what's he going to do get $500,000? it's not going to happen. what i think is going to happen at the white house this afternoon, though, is these folks are going to come in, sit down with the president, they're going to say, okay, we're all jumping over the cliff. so what do we do after the cliff? and that's probably a very good conversation for our nation's political leaders to have. >> jimmy, i grant you what you said is true, because all we're talking about is taxes. which is weird. >> we're talking about a hell of a lot more than taxes, joe. >> no, but jimmy, boehner couldn't get his guys to do the taxes. but if we were focusing on entitlement reform or spending or any of the big issues, joe, then obama couldn't get his base to -- so it's awo-way street we got going. >> takes two to tango. if he could have gotten inside together we might have had a shot of getting this done. sadly this is kind of like watching a last-plac
leader mitch mcconnell. john boehner not in this, nancy pelosi isn't in this, not even the president. the house reconvenes at 10:00, the senate at 11:00, bright and early. sarcastic. neither of them showing particular signs of progress. >> these two worked together in the senate for 20 years. so you hope -- >> in fairness, the houses are not convening. these guys are not working. i don't care if it doesn't play out in the media. the big stumbling block has been avoided. republicans dropped their demand to reduce social security cost of living increases. >> i was really gratified to hear republicans had taken the demand for social security benefits off the table. truth is, they never should have been on the table to begin with there is still significant distance between the two sides, but negotiations continue. >> the consequences of this are too high for the american people to be engaged in a political messaging campaign. i'm interested in getting a result here. >> they have all been politically messaging, not sure why they are being critical of it now. thousands of there's of your t
would have likedded is what the president and speaker boehner were working on, the grand bargain, literally putting everything on the table and have a $4 trillion dent in the deficit. that eluded us. that's the disappointment. we've got that fiscal cliff situation again with the sequestering in march. what we did accomplish was we looked at this in a very pragmatic way and took a step, and it's a modest step, but in the right direction, and market reaction is cheering the fact that we moved in a right direction. >> i want to key in with the point about the grand bargain. congressman, it's worth reminding the viewers that the largest parts of the federal budget are exempt from cuts, entitlements and interest payments on national debt. how optimistic are you on reform and make cuts that decrease the rate -- not asking for actual deficit reduction, but increase the rate of the growth -- decrease the rate of that growth. >> you hit the heart of the problem. health care, medicare, private paid, employer provided health care, the cost of health care's going up oftentimes two and three
day. >>brian: why wouldn't they be. when you went to bed, john boehner served up two possibilities. one you could vote on the senate bill which passed overwhelmingly. two, the house might amend the senate bill and add a bunch of spending. he didn't have enough votes for that entree and in the end a whole bunch of republicans voted for the senate bill, although a whole bunch of republicans voted against the senate bill. it has passed. >>juliet: pretty amazing all the drama over the last 48 hours as opposed to nothing happening over the 48 years. let's take a breakdown. here's a look at how we break down the numbers. $622 billion is what we're seeing in new tax hikes, just $15 billion in spending cuts. we'll get more on that later. $1 spending cut for every $41 in tax hikes. that is pretty much what it amounts to. >>brian: the dollar in spending cuts for every $41 in tax hikes that is for the first year. in ten years it is going to be $1 worth of spending cuts for every $10 of tax hikes. for a lot of republicans, they go that is a lousy deal. >>brian: we're basically reviewing the sa
another controversy that has come out of this, and this is because house speaker john boehner did not bring forward this vote on hurricane sandy disaster aid for new jersey and new york. it's got a lot of people who are scratching their heads and are angry this did not happen. i want you to hear what one of the fellow republicans said against boehner. >> when katrina hit, ten days later, $60 billion. $100 billion altogether. now we have to hear from people in florida, louisiana, and texas and alabama and, yes, some people from california and the midwest, when they have a disaster, and we were there for them. the rules change for us, and it is now not an emergency and the federal government doesn't have a role in this? absurd, absolutely absurd! we demand nothing less than we have given the rest of the country, an emergency disaster means emergency and disaster. >> nobody wants a special favor. nobody is looking for a gift or anything else. when your people are literally freezing in the winter and they're without food, without shelter and without clothing and my own party refuses i
majority of the house of representatives to get what they want. >> house speaker john boehner oldered republicans back to the capitol for a rare sunday night session. republicans expect to vote then on whatever fiscal cliff bill the senate passes. all this one day before the deadline and the warnings of a recession that have rattled wall street and consumer confidence. >> they know it will have an anything ticket impact on the economy and they know it will have a negative impact on their families and they expect us to be here and work and we're not. >> deadlines are approaching. 2 million americans who have been out of work for more than 6 months will start losing their unemployment benefits tomorrow and the nation runs out of borrowing authority to finance or $16 trillion debt on monday. they can use extraordinary measures until they go into default. extraordinary. that might be a word that apply to then tire situation. >> major garrett, thank you very much. >>> republican bob corker of tennessee has offered proposaled to break this. senator, good morning to you. >> good morning, jef
side under the leadership of speaker john boehner. i've talked to a couple of republicans this morning who are fairly optimistic that whatever comes out of the senate, whatever that deal is, it will pass the house this afternoon. although hard-core republican anti-tax folks are not going to vote for it. it still would likely have enough votes to pass. that's at least the mood of some folks i'm talking to today. guys, one of the big questions that's unresolved here was raised on a conference call with ceos arranged by the white house on friday night, on that white house conference call with ceos. one of the ceos asked tim geithner, i'm told by a participant on the call, whether a small deal would be enough to are prevent ratings agencies to downgrade u.s. debt. i'm told by this person on the call that the administration's response to that, they think a small deal would in fact be enough, but they wouldn't speak for the ratings agency. still a big unknown hanging out there, guys. >> and we know about some of the tough conversations we'll have 30 days from now, 45 days from now, eamon. it
, this is a deal on the tax side that has no spending cuts. they're all very aware of that. can john boehner muster the votes on the house side to get this passed. republicans do not like this on the house side there are no spending cuts, so many of them say they will vote against it, maybe the question then becomes can john boehner muster 40 or 45 republican votes and then use the 185 or 190 votes that nancy pelosi would deliver, potentially for a deal like 24 with no spending cuts to pass it there, tomorrow or the next day. the house side is unclear at this point. >> woodruff: so todd, you're saying as we sit here this evening, we're hearing there may be a senate vote tonight, the house may vote tomorrow. but at this point, it still is not known the outlines of what a potential deal would look like. >> i think the outlines are known on the tax side. and it was described accurately in your piece there, judy, with the tax rates at 450 for families, dividends would go up, the estate tax part of it. what is important is the one year extension on unemployment benefits. there are 2 million people set t
it's not as if he doesn't have an awfully strong hand to play. if it's a deal john boehner can accept, frankly, i think it will be passed in a bipartisan manner with a strong majority. if earn he's not neutral or favorable, his chances will be a lot slimmer. >> we will find out in the morning whether any progress came out of the senate leader mitch mcconnell's meeting with vice president joe biden. >> we've been asking you, our viewers, to send in your thoughts, your messages to elected representatives. so let's close tonight with some advice from one of you to washington. >> my message to all of washington for the new year is to set partisanship aside working on behalf of 100% of the voters, fix this mess you've gotten us into, bring a balanced budget to the table to grow this economy for the long term not the short term. >> there you go. for the long term, not the short term. >> there you go. i'm don lemon. happy new year to you. jooirksz . >>> hello, i'm don lemon and this is cnn's top 10 of 2012. we look at the stories that captured our attention, what we see as the biggest
john boehner would put that on the floor even if most republicans were not in favor of it. bill? >> okay. we're going to hope that something like that can be at the very minimum at this point. john harwood, thanks. see you later. don't worry, be happy. one of our next guests says should we go over the fiscal cliff, someone else on wall street says the cliff will not be a doomsday event. we'll get them to make their case coming up. >> and also later on. facebook making an about face on using user photos for advertising. >> and winter storm euclid is pummeling the east coast. the latest storm and storm track coming up in the next hour of the program. you're watching cnbc, first in business worldwide. plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade. you won't take our future. aids affects us all. even babies
boehner was at the capitol and left with no comment. both sides remain at odds over the democrat's insistence that the wealthy pay more in taxes. >> the president's tax hook would only fund the government for eight days. americans deserve to know what is the president -- what does the president propose we do for the other 357 days of the year. >> reporter: president obama insists his plan on the table is fair and includes plenty of cuts to government spending. >> we just can't afford a politically self-inflicted wound to our economy. >> reporter: if sunday's negotiations don't pan out, the president said he's ready to propose his own scaled-back bill that would block tax increases for all but the wealthy. and preserve expiring unemployment benefits. with the deficit ticking ever higher, patience is wearing thin. >> for those of us who invest in the stock market, it's disgusting to watch them jockey around with our money. >> reporter: missing in all the last-minute negotiations is talk of the $1.2 trillion of mandatory spending cuts scheduled to go into affect today. tara mergener
on the democratic side. house speaker john boehner, mitch mcconnell representing the republicans. brianna keilar live from washington. what do we expect to happen today? any new offers from the president or house speaker? >> we don't know. right now, all eyes on the senate to see what senate majority leader harry reid can cobble together to get some republican support. technically, it's still possible to come to an agreement. that said, politically is a different story, and the prospects for coming to a deal are starting to dim. right now, we're hearing a whole lot of the blame game. a lot of public posturing from both sides as they prepare for the possibility of going over the cliff. let's listen to harry reid. >> we are here in washington working while members of the house of representatives are out watching movies and watching their kids play soccer and basketball and doing all kinds of things. they should be here. >> now, the speaker of the house, john boehner, sort of retorting to reid, ali. in a conference call he said the leaders should do more -- or pardon me. less talking and more legis
is next. and that's coming up. and if john boehner wants to stay as speaker of the house, the thing he's going to have to tell his members is that he's going to play just as hard on that as the president played on these taxes and that he's got to be willing, if he wants to do this, if what mitch mcconnell, who is the architect of this deal on the republican side in the senate, if what he says is going to be true, that means the republicans have to be willing to do some pretty terrible stuff, like get the blame for shutting down the government. get the blame for throwing the economy into recession, really do those things. so the question is this, megyn, are they willing to do now what they weren't willing to do before? that is, shall we say, an open question? >> well, maybe it is. i don't know. and they is say past is prologue. on the money front, it did -- not everybody, it wasn't just the rich. the rich paid more, but there were some people who got some good deals out of this fiscal cliff deal and it includes a bunch of hollywood producers who apparently received 430 million dollars i
cuts, hoping us avoid the fiscal cliff. the vote was 257-26. house speaker john boehner -- 257-267. house speaker john boehner voted. the bill raises tax rates for families making more than $450,000 a year and lets the payroll tax cut expire but delays military spending cuts by two months. speaking after the vote, president obama thanked congress for approving the deal. >> the sum total of all the budget agreements we've reached so far proves that there is a path forward. that it is possible. if we focus not on our politics but what's -- but on what's right for the country. the one thing that i think hopefully in the new year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little less brinksmanship, not scare the heck out of folks quite as much. >> the bill sets up the next fight in around two months when the spending cuts are set to take effect and america hits the debt ceiling. treasury secretary geithner's taken steps to delay the date by halting investment in two government worker pension funds. the president is vowing to
and speaker boehner says something else, nothing fundamental has changed. white stock investors are buying and selling based on political speeches is beyond me. host: what index will you be watching? here is a headline from the wall street journal -- what index will you be watching? guest: think consumer confidence is the big indicator. there are a number of ways to measure it. if you go back to the august debt ceiling deal, i think people did not even realize in washington, but you look at the data, he saw a major drop in consumer confidence around the time and it became clear that politicians were arguing and squabbling and were not coming to terms. i think that is a severe problem in this recession because consumer demand is not strong enough to propagate a strong economic recovery. anything that dampened consumer demand is a problem. watching these politicians not getting together, even if they get a deal, the damage there is down. you see your leaders not the deal they are talking about is identical to the deal president obama talked about the day after the election. the time in betwe
a significant development in the house hastert night. of course, john boehner took to the floor a billion that did not have the support of a majority of republican members. that's the way that republican speakers have operated for some time. he got less than half, his republicans. and a pron of democratic votes to pass the bill. a significant thing. they went through a bit of kabuki before that because the speaker had a republican conference, and they went through the motions of see figure -- seeing if they could get a bill with more spending cuts and couldn't. that's why we ended up with this result. >> help go through a couple of headlines here. the big headline out of the white house saying that they're raising $620 billion over ten years. on the other hand, you have others, cbo and depending on the political elements, some people saying that this is actually going to cost us $3.9 trillion over the next ten years in part because of amt and how things are associated. then you have the payroll issue which you mentioned, which apparently on average is going to increase people's taxes by a
to meet with house speaker john boehner, minority leader nancy pelosi, senate majority harry reid and minority leader mitch mcconnell. that is happening this afternoon. jessica yellin is there. jess, what do we know about the president's plan to get everybody in the same room? do we think there's going to be something that comes out of this? >> reporter: well, this is one of those cases where we really are going to have to wait and see, and all the parties involved are also going in with a big question mark. the idea is the expectation by many of the participants in the meeting is that they hope that they will be able to discuss more details about a scaled-down fiscal cliff plan. and maybe that could lead to some sort of agreement ideally for all parties in which all the senators say that they will not filibuster it, and it can go to a vote. and then speaker boehner could, in theory, agree to bring it to a vote on the house floor after the house comes back on sunday. and then we would get all of this behind us before new year's eve. how likely does that sound? not so likely. >> yo
focused on the house, speaker boehner, plan. about, plan b falling apart. now speaker boehner is pointing towards the senate and the white house is pointing towards the senate as a place where we might get bipartisan cooperation. they think they have 10 republican votes for some kind of a plan that the president would propose that democrats in republicans in the senate could get together on and then ask speaker boehner to have a vote on it in the house. that could be a problem for speaker boehner because he could get a bill passed with that splits his republican caucus and puts in danger his re-election as speaker on january 3rd. kelly: that is a lot of talk going around in circles in washington right now. you're very optimistic something can be done but on the other hand there are several economist, juan, that predict indeed we'll go over the fiscal cliff and the inaction of congress has the potential of plunging the united states into another recession. that said, they can't afford to becoming a reality. >> so far they have been very fortunate that the markets have not reacted with pani
. will republicans be willing to fight to go down on this one? listen to what speaker boehner had to say in a statement last night after the deal was struck last night. he said, quoting, now the focus turns to spending. the american people reelected a republican majority in the house and we will use it in 2013 to hold the president accountable for the balanced approach that he promised. many significant spending cuts and reforms to the entitlement programs driving our country deeper and deeper into debt. now, also, listen to what the president said last night after the deal was struck. he seemed to indicate he is willing to entertain spending cuts. here's the president. >> we can come together as democrats and republicans to cut spending and raise revenue in a way that reduces our deficit, protects our middle class, provides ladders into the middle class for everybody who is willing to work hard. >> reporter: now the president went on to say this. while i will negotiate over many things i will not have another debate with this congress whether or not they should pay the bills we have alr
. if you vote on the deal that john boehner couldn't get done in his conference thursday, if you vote on that in january, a deficit deal than december. it's actually a tax decrease. i don't think nothing is going to happen in the coming weeks. it is possible we get into the first week of january before something to vote on. congress has gotten used to doing things at the last minute and it's not exactly clear when the last minute is here. >> i've been saying for a while you don't have to deal with 400 or 500 grand, get 250, what the president has wanted all along and get the republicans to not vote for a tax cut for everybody under 250. why hasn't that been the strategy or can you tell me that hasn't been the strategy all along? >> the piece of it i don't fully understand why the speaker decided to do what he did last week, walk away from negotiations. they were getting pretty close between the speaker and president and john boehner came up with plan b and it didn't happen. i'm not quiteshi shirure what t detail was about. while the leaders were negotiating we had a lot of time to tal
is a measurable. connell: this is your caucus. speaker of the house is republican john boehner, we thought there would be a vote. for what you have been told behind-the-scenes i am sure you ask the lot of questions. what happened? >> still trying to figure out. majority leader erich cantor doing in good faith all week but continues to deal with this in good faith, we have legislation drawn, supposed to come to a vote yesterday and told it was coming up this morning and was going to provide the full $60 billion. two minutes, the $30 billion amendment will let up everything ready to go and we started hearing rumors that there wouldn't be votes and the vote was not going to come up and we asked eric and as far as he knew it was coming up but the speaker wouldn't give the green light and vote is over and we started hearing different things. the final vote comes and goes, the speaker is gone and told one of eric cantor's aides that the bill was -- connell: two part question to add it up because we have to go in a second. do you think or do you know anything about a possible vote today and what
back from hawaii. speaker john boehner has not even committed to bringing the house back into session. the senate will come back on thursday. and not deal with the fiscal cliff but deal with spending bills to clean up new york and connecticut and new jersey from hurricane sandy and reauthorize some intelligence bills. so i mean, there's no real deal in the offing. there's nothing going on behind the scenes that would lead us to believe that anything would get done before january 1. >> all right. josh, out to you. obviously a lot of the discussion has been around the kind of deal that we would get if we do get something. if a deal does come through, it -- more likely will not be comprehensive, right? there's going to be a lot of negotiating that occurs after the first of the year. i guess my question to you is, does this leave the markets open to turmoil and more volatility as we head into january? >> the markets are going to be left open to turmoil and volatility, period. what we've seen is that despite the stakes getting higher, this isn't a game of poker but one of go fish. and no o
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